Postpone Lowering the Hydrocarbon Tax to 18 Percent

Kringvarp Føroya

Factuality

Ownership

In order to resume oil exploration in the Faroe Islands, the hydrocarbon tax should be reduced from 27 per cent to 18 per cent, which is a normal corporation tax. Two MPs from each party in the opposition have submitted a proposal to reduce the hydrocarbon tax. The proposal tells the oil industry that the Faroe Islands welcome new oil exploration, say the MPs.  They also point out that the hydrocarbon tax was originally the same as the corporati…